- Declares Regular Quarterly Cash Dividend of $0.25 Per Share
- Converts TeesREP Subcontract to Time-and-Materials
ROCKVILLE, Md.--(BUSINESS WIRE)-- On June 23, 2020, the Board of Directors of Argan, Inc. (NYSE:AGX) (“Argan” or the “Company”) authorized the repurchase of up to $25.0 million of the Company’s issued and outstanding common stock. The Board of Directors also declared a special cash dividend of $1.00 per share of common stock in addition to the regular quarterly cash dividend in the amount of $0.25 per share of common stock, for a total declared cash dividend of $1.25 per share of common stock, payable July 31, 2020 to stockholders of record at the close of business on July 23, 2020.
Rainer Bosselmann, Argan’s Chairman and Chief Executive Officer, said, “We are confident in the future of our business and these actions that the Board of Directors have taken are intended to enhance and return shareholder value. Given our strong balance sheet with cash of over $360 million and no debt, with over $3.0 billion in signed EPC contracts for power plant projects, the conversion of our TeesREP loss contract from fixed-price to time-and-materials, and the increased ramp-up of construction on the largest project in our history, we believe it is the right time to return some of that value to our patient and loyal stockholders during these challenging times.”